RIHANNA BECOMES THE FIRST SELF-MADE BILLIONAIRE IN THE USA
The United States' youngest self-made millionaire lady did not grow up in a Manhattan high rise or the Hollywood Hills. Instead, Rihanna made her money via her own songs and business enterprises. For the third year in a row, the 34-year-old singer and Fenty Beauty CEO were named on Forbes' annual list of America's richest self-made women. She came in 21st place overall and is the list's only billionaire under 40. Rihanna's $1.4 billion net worth stems partly from her successful music career. The majority of it comes from her three retail businesses: Fenty Beauty, Fenty Skin, and Savage X Fenty.
Bloomberg reported in March that Savage X Fenty lingerie was working with consultants on an IPO that may be worth $3 billion. Rihanna owns 30% of that firm. She also owns half of Fenty Beauty, which has a revenue of $550 million in 2020. LVMH, a French luxury fashion corporation, owns the other half of the firm. The figures are stunning, but Rihanna has stated that she is not concerned about values and awards. She told The New York Times' T Magazine in 2019 that attaining financial milestones will "not stop me from working" because she never intended to make a fortune. The nine-time Grammy Award winner also stated that she wants to donate the money to worthy organizations. "My money is never for myself; it's always with the hope of helping someone else," she explained. "The world can really convince you that the wrong things are priorities, and it can really make you miss the heart of life, what it is to be alive." Rihanna established the Clara Lionel Foundation for Philanthropy in 2012. (CLF). According to its website, it intends to "promote and fund ground-breaking education and climate resilience activities."
One of its earliest efforts, launched a year after the foundation's inception, collected $60 million for women and children impacted by HIV/AIDS through sales of the singer's MAC Cosmetics lipstick brand. In addition, CLF partnered with Twitter co-founder Jack Dorsey's #SmartSmall campaign in January to contribute a total of $15 million to 18 different climate justice organizations. According to the CLF website, the funds will go to groups "centered on and led by women, youth, Black, Indigenous, people of color, and LGBTQIA+ communities" in the United States and the Caribbean.
"At the [CLF], much of the work is anchored in the knowledge that climate disasters, which are increasing in frequency and intensity, do not strike all communities equally," Rihanna said in a January statement. Kim Kardashian, 41, is the next youngest billionaire on Forbes' list, with a net worth of $1.8 billion. Kardashian and her sister Kylie Jenner, the youngest non-billionaire on the list at the age of 24, have both achieved success in entertainment and retail, including their own beauty brands.